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20120901
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on that issue, and we look at rest of the middle east and say look at the situation in libya. the violence in the eastern region potentially has big implications for oil production. in the run-up to the libyan elections in juan, we are 690,000 barrels taken offline because our militants shut down the facility just for political reasons. if we saw any major uptick and unrest in eastern libya, oil companies could curtail production. >> yeah. >> so we think the risks are really out there on the supply side in the middle east. >> halima, that's a high number. 117 is your target on brent. what's your target on crude oil? crude right now at 93.11 a barrel. >> it terms of wt sydney. >> yeah, 104. >> 104. i mean, what are the implications of $104 oil on the economy? >> well, you know, one of the things you raise the issue about the spr, and i do think that's potentially something that the obama administration will be really concerned about looking to tap, if we do see a significant run-up. i do think you do have to weight the fact that the obama administration is likely to tap the spr so that coul
. i think you have build up from the tensions in libya over the weekend. they thought possibly those tensions would escalate further than they did. >> as sharon pointed out, there are expectations that this next report is going to show a build in stocks. you know, supply is also growing. that usually doesn't presage a decline in the price. it actually does. >> well, yeah, it does if you have traders wanting to take the profits from a qe-3 buildup we saw breaking $100 oil. they could have been taking profits and breaking off trades and shares. that would be a concern the numbers are going to start falling back. i think they're going to fall tremendously. i think we have $90 going into the 2013 year. >> because of demand issues? the middle east is not going anywhere. >> i think you have concerns from the middle east. you've also got, on the other side of that coin, you know, some folks are talking about a bear market because of spain and china and the tension there is. there's two arguments going on right now. we've had middle east tensions, though, as part of the oil price for the who
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